High prices and frustrated buyers

It was another solid result with a 74 per cent clearance rate on the weekend, but next Saturday looms as a huge challenge for the property market with 1100 auctions scheduled.

Auction clearance rates have been remarkably consistent over February.

Last weekend was 75.6 per cent and the week before 73.3 per cent.

145 Ashburn Grove Ashburton sold for $1,422,000.

And higher listing numbers are proving no barrier to solid clearance rate results.

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This weekend metro Melbourne hosted 623 auctions, an increase of 33 per cent over the 482 homes listed for auction on the same weekend a year ago.

The inner south reported the highest regional clearance rate at the weekend with a strong 85.3 per cent result.

8 Cowper Street Hawthorn East sold for $1.79 million.

This was followed by the north east with a similarly strong 84.6 per cent rate.

Next best was the inner city with 75.4 per cent, the inner east with 74.6 per cent and the outer east with 73.3 per cent.

Notable auction sales in Melbourne’s outer east region included a five-bedroom house at 45 William Street Mount Waverley sold for $2.18 million by Hocking Stuart Mt Waverley, a four- bedroom house at 145 Ashburn Grove Ashburton sold by Marshall White Albert Park for $1,422,000, another four-bedroom home at 5 The Woodland Wheelers Hill sold for $1.4 million by Hocking Stuart Glen Waverley and a three-bedroom home at 4 Miller Crescent Mount Waverley sold by Jellis Craig for $1.16 million.

9 Asling Street Brighton sold for $2,966,600.

In the inner east, a four-bedroom home at 8 Cowper Street Hawthorn East sold by Marshall White Albert Park for $1.79 million, a five-bedroom house at 10 Leura Street Surrey Hills sold for $1,782,000 by Fletchers, a four-bedroom house at 2 Terry Street Balwyn sold for $1,670,000 by Marshall White Albert Park and a two- bedroom house at 3 Beckett Street Balwyn sold by Philip Webb Ringwood for $1,601,000.

In the inner south, a five-bedroom house at 9 Asling Street Brighton sold for $2,966,600 by RT Edgar, another five-bedroom home at 15 Victoria Street Sandringham sold by Hocking Stuart for $2,225,000, a four-bedroom house at 16 Stanley Street Black Rock sold for $1.6 million by Hodges/Hodges and a three-bedroom house at 50 Clarence Street Malvern East sold by Jellis Craig Bennison for $1.52 million.

Notable unit sales included a three-bedroom unit at 2/23 Magnolia Road Gardenvale sold for $810,000 by Woodards Elsternwick, a two-bedroom unit at 3/1a Coolullah Avenue South Yarra sold for $782,000 by Hocking Stuart South Yarra, a three-bedroom unit at 73/63 Dorcas Street South Melbourne sold BY Marshall White Albert Park for $740,000 and a two-bedroom unit at 2/220 Patterson Road Bentleigh sold by Buxton for $725,000.

73/63 Dorcas Street South Melbourne sold for $740,000.

It was another consistent result this weekend for the Melbourne auction market, indicating that buyer and seller confidence has not wavered since last spring.

Stern challenges remain, however, with high numbers of auctions over the coming weekends to test buyer depth.

There are also challenges on the economic front, with the latest ABS unemployment data for Victoria sobering news with a rate of 6.4 per cent recorded for January – the highest monthly result for 12 years.